LAWRENCEBURG, Ind., July 21 /PRNewswire-FirstCall/ -- DSA Financial Corporation (BULLETIN BOARD: DSFN.OB) announced its consolidated financial results for the fourth quarter and the fiscal year ended June 30, 2009. For the quarter ended June 30, 2009, the Company recorded net earnings of $72,000 or $0.05 per diluted share. For the quarter ended June 30, 2008, the Company reported a net loss of $19,000, or $(0.01) per diluted share.
The quarter-to-quarter increase in earnings of $91,000 was attributable primarily to an increase in net interest income of $116,000, or 15.2%, a decrease of $66,000 or 30.6%, in provision for losses on loans, a $65,000 or 68.4%, increase in other income, a $163,000 or 94.8%, decrease in income taxes partially offset by a $319,000 or 65.2%, increase in general, administrative and other expense. During the quarter ended June 30, 2008, Ohio Franchise tax of $145,000, which was included in general, administrative and other expense was transferred to income taxes. Ohio Franchise taxes were paid during the quarter ended December 31, 2007 and represented taxes owed from prior years. Without this expense reclassification, general, administrative and other expense would have only increased $174,000 and income taxes would have decreased $18,000.
Net earnings for the fiscal year ended June 30, 2009 were $661,000, or $0.42 per diluted share, an increase of $329,000, or 99.1%, as compared to net earnings of $332,000, or $0.22 per diluted share for the fiscal year ended June 30, 2008. The year-to-year increase in earnings was attributable primarily to a $668,000 or 23.6%, increase in net interest income, an $113,000 or 21.7%, increase in other income, partially offset by an increase in general, administrative and other expense of $273,000, or 10.4%, and an $185,000, or 171.3%, increase in income tax expense. General, administrative, and other expense in the fiscal year ended June 30, 2009, included a special FDIC premium assessment of $57,000.
DSA Financial reported total assets of $128.4 million at June 30, 2009, total liabilities of $111.7 million, including deposits of $99.5 million and total stockholders' equity of $16.7 million as compared to total assets of $126.7 million at June 30, 2008, total liabilities of $110.3 million, including deposits of $99.4 million and total stockholders' equity of $16.4 million.
DSA Financial Corporation is the holding company for Dearborn Savings Bank, a federally chartered savings institution headquartered in Lawrenceburg, Indiana. Dearborn Savings Bank operates through its main office and one branch office located in Lawrenceburg, Indiana.
DSA FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION June 30, 2009 and 2008 (unaudited, dollars in thousands except per share data) ASSETS 2009 2008 Cash and cash equivalents $ 8,290 $ 6,882 Investment and mortgage-backed securities 11,489 10,912 Loans receivable 98,562 99,541 Other assets 10,074 9,341 Total assets $128,415 $126,676 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits $99,464 $99,405 Advances from the FHLB 10,500 9,000 Other liabilities 1,754 1,854 Total liabilities 111,718 110,259 Stockholders' equity 16,697 16,417 Total liabilities and stockholders' equity $128,415 $126,676 DSA FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) Fiscal year ended Three months ended June 30, June 30, 2009 2008 2009 2008 Total interest income $6,827 $6,800 $1,662 $1,760 Total interest expense 3,325 3,966 783 997 Net interest income 3,502 2,834 879 763 Provision for losses on loans 283 289 150 216 Net interest income after provision for losses on loans 3,219 2,545 729 547 Other income 634 521 160 95 General, administrative and other expense 2,899 2,626 808 489 Earnings before income taxes 954 440 81 153 Income taxes 293 108 9 172 NET EARNINGS $ 661 $ 332 $ 72 $ (19) EARNINGS PER SHARE - basic and diluted $.42 $.22 $.05 $(.01)
DSA Financial Corporation
CONTACT: Edward L. Fischer of DSA Financial Corporation,
+1-812-537-0940
Web Site: http://www.dearbornsavings.com/
